Sunday, July 4, 2010

BP (NYSE:BP) Sends $4 Million Bill To Partners: Anadarko and Mitsui

BP (NYSE:BP) has stated they would take full financial responsibility for the Gulf oil leak. It seems they have had a change of heart, they have sent bills to their partners Anadarko Petroleum and Mitsui. According to just released documents, BP is demanding almost $400 million from these two companies. That's close to 40 percent of the almost $1 billion BP had incurred in expenses as of May.

This is no surprise and considered common. All companies having a stake in an oil well are responsible for their percentage equal to that of their share of ownership if there is a oil spill. Anadarko's stake is 25 percent, Mitsui's is 10 percent and BP's owns 60 percent of the well. "We would expect the various parties involved in this to live up to their responsibilities," said BP spokesman Tony Odone.

Anadarko's stance from the beginning has been that BP engaged in "gross negligence" and "willful misconduct." If proved in court, Anadarko would be cleared of having to pay any of the 25 percent of the stake that they own under the joint operating agreement. In a statement from Mitsui, they've said it's way too early to draw conclusions on what has happened on the rig, but "as a 10 percent minority non operating investor, MOEX offshore 2007 is fully cooperating with those investigations."

BP demanded payment "30 days from receipt," or by Friday. A Mitsui spokesman said they have until the 12th of July to pay, but would not say if they were planning on paying or not. Anadarko spokesman said, "We are continuing to assess our contractual remedies."